In context of Computers, IT - Information Technology
Information technology is the use of computers and software to manage information. The name IT deals with the use of electronic computers and computer software to convert, store, protect, process, transmit, and securely retrieve information. The department of Information Technology may consist of several computers, servers and database management systems.
Here we have some important fields in IT :-
- Software Development
- software design
- Web development
- Database design
- Data management
- Information security
- Web design
In context of Finance or Accounting, IT - Income Tax
Income Tax - Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts. The Government gets the right to take money from your income, companies, firms and property etc. to run the country.
It works like this, everyone whose income exceeds the maximum amount shall be chargeable to the income tax at the rate or rates prescribed under the finance act and slabs.